November 28, 2022

The Reserve Financial institution on Tuesday stated it has imposed a penalty of Rs 2.44 lakh on Spice Cash Restricted for contravention of sure norms.

The RBI additionally imposed a effective of Rs 5 lakh on The Kuppam Co-operative City Financial institution, Kuppam, Chittoor district (Andhra Pradesh) for deficiencies in regulatory compliance.

Relating to Spice Cash, RBI stated it was noticed that the entity was non-compliant with instructions issued by the central financial institution on upkeep of escrow account stability.

In one other assertion, it stated the inspection report of the cooperative financial institution primarily based on its monetary place as on March 31, 2019 revealed “contravention of/non-compliance” with the instructions on “Earnings Recognition, Asset Classification, Provisioning and different associated Issues – UCB’s and likewise on Board of Administrators – UCBs”.

RBI additional stated the penalties are primarily based on deficiencies in regulatory compliance and aren’t meant to pronounce upon the validity of any transaction or settlement entered into by the entities with their prospects.

(Solely the headline and movie of this report might have been reworked by the Enterprise Customary workers; the remainder of the content material is auto-generated from a syndicated feed.)

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